Apple won't include "wave and pay" chips in the new iPhone to be released later this year, "dashing industry hopes that a universal standard for the technology would be adopted in 2011," according to "The Independent" (http://macte.ch/rNUSA

Quoting "sources at several of the largest mobile operators in the UK," the article says Apple has disclosed in meetings that it wouldn't be including Near Field Communication (NFC) technology in the upcoming iPhone 5.

NFC is a short-range wireless connection technology that would turn the iPhone into an electronic wallet or security passkey. NFC is already in use in Asia and is expected to explode here in the next three to five years, especially if Apple adopts the technology.

"The Independent" says that one source close to the discussions said: "The new iPhone will not have NFC, Apple told the operators it was concerned by the lack of a clear standard across the industry." Yet Apple is understood to be working on its own NFC proposition, which would link payments through iTunes. It hopes to introduce the technology in a handset likely to be released next year."